Rupee maintains recovery against dollar for five consecutive days

Rupee maintains recovery against dollar for five consecutive days

KARACHI: The Pak Rupee maintained its recovery against the dollar for five consecutive trading days on Friday owing to optimism prevailed especially after FATF praised Pakistan for taking measures against money laundering and financing the terrorism.

The rupee gained by 36 paisas to close at Rs158.10 to the dollar on Friday as compared with previous day’s close of Rs158.46 in the interbank foreign exchange market.

Currency experts said that despite the last trading day of the week the rupee had gained value against the greenback. They said that though there was pressure on local currency due to demand of the dollar for import and corporate payments. However, supply was sufficient to meet the demand, they added.

They said that the FATF a day earlier decided to keep Pakistan in the grey list until June this year. However, remarks of the FATF panel were encouraging as Pakistan had shown strong commitment to deter money laundering and terror financing.

The exchange rate was at Rs159.10 on February 19, 2021. However, since then the local currency recovered Re1 against the greenback in the interbank foreign exchange market.

Currency experts said that the rupee may make more gains in coming days owing to improved inflows of workers’ remittances and export receipts.

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